Penson - What's this all about?

At least you guys don't have all your eggs in one basket. Are you moving all your clients away from Penson and to your other clearing relationships. If not, why?



Quote from rmorse:

Yes. This is from our FINRA Broker check.

Bob
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Quote from Itrade2009:

At least you guys don't have all your eggs in one basket. Are you moving all your clients away from Penson and to your other clearing relationships. If not, why?
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No. It's not my place to tell our clients which prime broker to use. They make the choice because of the their situation and where their business can be accommodated. You're making the assumption they can do what every they need to do anywhere. That's just not true. Each broker has it's strengths and weaknesses.
 
That's like a guy who has a daughter who is dating a psychopath that has a good job. He has his strengths (a good earner) and his weaknesses ... he kills puppies on Tuesday and tortures the weak on Thursdays!

Quote from rmorse:

No. It's not my place to tell our clients which prime broker to use. They make the choice because of the their situation and where their business can be accommodated. You're making the assumption they can do what every they need to do anywhere. That's just not true. Each broker has it's strengths and weaknesses.
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Quote from Swan Noir:

That's like a guy who has a daughter who is dating a psychopath that has a good job. He has his strengths (a good earner) and his weaknesses ... he kills puppies on Tuesday and tortures the weak on Thursdays!
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you sound like a borderline psychopath.
 
Quote from rmorse:

No. It's not my place to tell our clients which prime broker to use. They make the choice because of the their situation and where their business can be accommodated. You're making the assumption they can do what every they need to do anywhere. That's just not true. Each broker has it's strengths and weaknesses.
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"No. It's not my place to tell our clients which prime broker to use. "

what is your role?
 
Quote from rmorse:

No. It's not my place to tell our clients which prime broker to use. They make the choice because of the their situation and where their business can be accommodated. You're making the assumption they can do what every they need to do anywhere. That's just not true. Each broker has it's strengths and weaknesses.
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why do you keep pushing penson when the market price is saying they are going bankrupt?
 
Morse,

I assume you are actively trying to either replace Penson or at least have a backup ready so that replacing them as one of your clearing firms will be easier? Or will you just deal with their successor if they go bye bye?
 
FWIW, I got this email from Penson today. (I'm sure there are others on this site who got the same notice.)

As you may know, Penson Worldwide, Inc. announced today that it has agreed to sell certain assets and liabilities of the futures division of its subsidiary Penson Financial Services, Inc. (“Penson Futures”) to Knight Execution & Clearing Services LLC ...In connection with this transaction, as of the close of business May 31, 2012, Penson Futures will assign your customer agreement to Knight and will also transfer your positions, segregated funds, 30.7 secured funds (if any) and trading account to Knight. Beginning June 1, 2012, your futures account will be held by Knight
 
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